Submitted by Rolando Trentini, Broker Associate, ABR, EPro
The do-it-yourself home improvement market has faced a 21 percent drop from 2005-2010, according to the latest research from market researcher Mintel. Yet, that’s not due to lack of will on home owner’s part, but more about lack of money, according to the survey.
More than a quarter of DIYers surveyed said they would undertake a major home renovation or addition to their home if they had the funds.
Nearly 40 percent of DIYers say that making a major home improvement is the best long-term investment they can make.
However, with the sagging housing market, many home owners have opted to put off major renovation projects, but forecasters are already seeing signs that is changing.
“We forecast growth to accelerate in 2011 and, presuming a stabilization of the housing market, to remain positive through 2015,” says Bill Patterson, senior analyst at Mintel. “Pent-up demand, ongoing need for repair and maintenance, retro-fitting, and renovations from boomers approaching retirement and demand from millennials should all propel DIY spending.”